CBRE Investment Management Launches Triple Net Lease Strategy With Tenet Equity Acquisition

CBRE Investment Management (“CBRE IM”) today announced that it has acquired Tenet Equity (“Tenet”), a net lease real estate platform with a $1.6 billion portfolio of 208 net lease assets totaling approximately 12 million square feet across 39 states with a weighted average lease term of 16.7 years. The fully leased portfolio is expected to generate long-duration, contractually growing rental income across a diversified tenant base.

CBRE IM is making the investment on behalf of several of its investment strategies.

“Net lease offers what few sectors can: durable, growing, inflation-protected income with long lease terms and low capital requirements,” said Adam Gallistel, Co-Chief Executive Officer and Chief Investment Officer of CBRE Investment Management. “We are excited to deliver compelling investment opportunities to our clients by pairing our portfolio management and execution capabilities — together with the net lease resources of CBRE Group — with Tenet and its proven track record of sourcing and managing mission-critical real estate.”

In conjunction with this acquisition, CBRE IM is launching a strategy to further invest in net lease assets and support the ongoing growth of the Tenet platform. Akash Shivashankara, a senior Portfolio Manager at CBRE IM with expertise in managing operating partnerships across a 20+ year career, will head the strategy.

Tenet specializes in sale-leaseback financing, providing long-term, efficient capital solutions that help middle-market companies monetize real estate critical to their operations without giving up operational control. Tenet’s approach pairs disciplined credit underwriting with fundamental real estate analysis, offering investors predictable, contractually growing income and providing the companies it serves an important and flexible source of capital to fund growth.

The addressable net lease market is large and fragmented. CBRE Investment Management conservatively estimates that several trillion dollars of corporate-owned operational real estate sits on the company balance sheets of middle market companies in North America, with institutions holding just 1% of the addressable market.

“Our commitment to the companies we serve does not change with this transaction,” said Nicholas Eggert, CEO of Tenet. “With CBRE Investment Management’s deep operating expertise and global investor relationships behind us, Tenet is better positioned than ever to accelerate our growth and maintain our continued leadership in the net lease industry for years to come.”

Truist Securities acted as financial advisor to CBRE Investment Management.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $154.8 billion in assets under management* as of June 30, 2026, operating in 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.